April 17, 2018: Tax day in the United States has come and gone. Individual taxpayers have filed all of their paperwork, and have either paid up the amount owed to the United States Internal Revenue Service (IRS) or deposited their refunds in their bank accounts. Now that the 2018 tax year is in the rear view mirror for the majority, at least those that did not file an extension, we must look forward to the next tax day in 2019 — April 15....The Tax Cuts and Jobs Act was passed in December of 2018, which created a need to review the amount of tax withheld from taxpayers’ paychecks in the United States. The changes in the new tax law may result in individuals paying too little or too much withholding in future years....For this reason, the IRS has created multiple resources to help individuals review their withholding....According to the IRS, the individuals in the categories listed below are the individuals most likely in need of a change in their W-4 withholding. If you fall into one of these categories, use the IRS Withholding Calculator:
Two-income families
People with two or more jobs at the same time or who only work for part of the year
People who claim credits such as the Child Tax Credit
People who claim older dependents, including children age 17 or over.
People who itemized deductions in 2017
People with high incomes and more complex tax returns
People with large tax refunds or large tax bills for 2017
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Newly-Revised Estimated Tax Form and Publication Can Help People Pay the Right Amount
Withholding on Payments of U.S. Source Income to Foreign Persons